1992 Legislative Session: 1st Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
Certified correct as passed Third Reading on the 19th day of May, 1992
Ian D. Izard, Law Clerk.
MINISTER OF FINANCE AND
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 In this Act "special fund" means the Natural Resource Community Fund established under section 2.
2 A fund called the Natural Resource Community Fund is established, which shall be a special fund under the Financial Administration Act.
3 The purpose of the special fund is to assist communities that are in a large part dependent on a single resource industry to adjust to severe economic dislocation arising or that may arise as a result of
(a) closures or anticipated closures of businesses in that industry, or
(b) reductions or anticipated reductions in the workforce in that industry.
4 The special fund shall consist of
(a) $15 million allocated from the opening balance of the British Columbia Endowment Fund,
(b) an amount, for each quarter of the fiscal year, that the Minister of Finance and Corporate Relations considers to be equal to 0.5% of all of the revenue, other than for fines, that has been received by the government during that quarter under all of the following Acts: Coal Act; Forest Act; Geothermal Resources Act; Logging Tax Act; Mineral Tax Act; Mineral Land Tax Act; Mineral Tenure Act; Mines Act; Mining Tax Act; Petroleum and Natural Gas Act; Range Act, and
(c) earnings of the special fund.
5 Subject to the approval of Treasury Board, and on the recommendation of the Minister of Economic Development, Small Business and Trade, money may be paid out of the special fund
(a) for costs of training and retraining persons affected by severe economic dislocation of the type described in section 3 in improving or developing skills and knowledge to assist them in adjusting to labour market requirements,
(b) for job creation and job maintenance initiatives in support of local and community economies,
(c) for worker relocation programs,
(d) as a supplement to the Local Government Emergency Account under the Revenue Sharing Act for the purpose of assisting local governments in paying their operating costs, in case of major economic disruption, and
(e) for the costs of other initiatives consistent with the purpose set out in section 3.
6 At the end of each fiscal year any balance in the special fund in excess of $25 million is transferred to and becomes part of the general fund of the consolidated revenue fund.
7 The Lieutenant Governor in Council may make regulations.
8 This Act shall be deemed to have come into force on April 1, 1992 and is retroactive to the extent necessary to give it effect on and after that date.
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Copyright © 1992: Queen's Printer, Victoria, British Columbia, Canada